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A 20-year bond pays 12% on a face value of $1,000. If similar bonds are currently yielding 9%, What is the market value of the

A 20-year bond pays 12% on a face value of $1,000. If similar bonds are currently yielding 9%, What is the market value of the bond?

Select one:

A. over $1,000

B. under $1,000

C. over $1,200

D. not enough information given to tell

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